Welcome to the latest edition of This Week in Pensions! As we do each week, we have gathered the top stories about pensions and retirement security. This is the news you need to know in the fight for a secure retirement.
Here are this week’s top stories:
- Public Pensions Are Good for Workers, Taxpayers, and the Economy by Tyler Bond: public pensions generate a significant amount of economic activity nationally each year. That is the conclusion of a recent report by the National Institute on Retirement Security. We’re so used to hearing criticism of public pensions, we forget that they were created for a reason: “they’re resilient and offer the most secure retirement for working families.”
- Here’s how much the average American family has saved for retirement by Kathleen Elkins: CNBC reports on the stark inequality in retirement savings. Just as income and wealth inequality have increased, so has inequality in retirement savings. According to the Economic Policy Institute, the median savings for an American family with retirement savings is just $60,000. It has become increasingly clear that many working families will not be able to retire with security and dignity.
- Lost Track of an Old 401(k)? Here’s a Plan to Help You Find Your Money by Ben Steverman: one of the problems with 401(k) plans is “leakages”, when people either spend their 401(k) savings for non-retirement purposes or lose track of their 401(k) savings from an old job. Now the Pension Benefit Guaranty Corporation plans to create a program to help workers track down old 401(k) savings.
Be sure to check back next week for the latest news in the fight for a secure retirement!
P.S. the election is less than two months away. Please sign our petition to tell Hillary Clinton and Donald Trump to make retirement security a priority in their campaigns!